Electronic Money

Electronic money, or e-money, is money which exists only as a value stored on an electronic device. Today, much of the scriptural money managed by banks is stored electronically as a number on a computer.

The bulk of interbank money transfers are made by simply transferring electronically stored values between banks, with one bank subtracting a number from an “account” and another bank adding that number to the recipient’s account.

Electronic money may be stored on a hardware device, such as the microchip on certain types of payment cards, or in software, such as that employed by many banks and that employed by digital wallets.

More on this topic:
What exactly is scriptural money?

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